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Cash will remain with us – suggests Adam Glapiński –

Everyone has the right to decide how they accumulate savings, e.g. in cash, on bank accounts or in any other form – NBP president Adam Glapiński told PAP. He also stated that the value of cash in circulation is the result of the decisions of consumers who are also willing to use non-cash payments.

Cash will be safer

When more and more countries around the world start working on CBDC, NBP starts with the National Cash Security Strategy. According to Glapiński, work on the strategy will be carried out within the Cash Trading Council – an advisory body to the NBP management board. The body is to start working at the turn of February and March this year.

– Poles trust the NBP, want to make payments and collect savings in the form of cash – the president of the central bank also said. He added that the increase in the value of paper money in circulation by PLN 83 billion recorded in 2020 proves that Poles trust this form of payment.

The NBP is of the opinion that each of us has the right to decide how to collect savings, in the form of cash, on bank accounts or in some other form. Everyone has the right to pay money to banks and withdraw money from them. Thus, the value of cash in circulation is the result of the sovereign decisions of Poles, and the point of NBP is that everyone can freely decide for themselves in what form they accumulate savings and in which they make payments Glapiński said.

Cashless payment methods

Glapiński emphasized that he knows that cashless payments are a convenient and modern payment instrument. As he added, according to the results of the survey on payment habits in Poland, the share of cash on the market in 2019 was 54%, and according to the preliminary results of the survey in 2020 it was 47%. The remaining part were non-cash payments. The average for the euro area countries was 73%.

– The NBP assesses the functioning of the payment system in Poland very highly. The challenges of the pandemic, however, revealed some risky phenomena – assessed the head of the NBP. – There are more and more cases of refusal to accept payments in the form of cash, unfortunately also by local authorities. We decided that additional, more coordinated actions are needed, thanks to which Poles will have the security of using cash – the fact that cash payments will be universally accepted, and access to cash withdrawals will not be limited or significantly impeded in any way – added.

NBP, he said, also sees the risk of possible cyber attacks, including those carried out from outside Poland by foreign services. This is why keeping your cash in circulation is so important.

Therefore, the NBP started the previously announced works on the National Cash Security Strategy. Work on the strategy will be carried out within the framework of the Cash Trading Council, an advisory body to the Management Board of the NBP, whose composition and scope of tasks will be extended accordingly. The first meeting of the Council operating in the new formula is planned for the turn of February and March this year. – informed the president.

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